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Market Lab Report - Pre-Market Pulse For Wednesday, March 14, 2018

Major market averages sold off on mixed volume on a combination of news regarding the firing of Secretary of State Rex Tillerson and potential new tariffs on China. Volume was slightly lighter on the NYSE and higher on the NASDAQ as big-stock NASDAQ names came off hard following prior strong upside moves that were arguably short-term overbought. Within the context of the rally over the past several days, yesteraday's pullback so far looks normal, but the situation remains fluid.

Futures are trading higher as European stocks were up after European Central Bank President Mario Draghi said its bond-buying program will likely continue if underlying inflation in the region remains subdued. This underscores the lack of demand despite interest rates being at historical lows. The big concern is this could lead to a malignant type of depression if the QE money flow diminishes. This is the most serious type of depression, akin to the type in the 1930s, and contradicts any so-called economic "strength".

Focus List Notes:
AMAT is pulling into the top of its prior base and the 10-dma on slight above-average volume.
AMZN is pulling down towards its 10-dma but remains above the line.
BB has dipped below its 50-dma but is closing in on its 10-dma on very light volume that was -51.2% below-average. Watch for support to hold at the 10-dma.
NFLX has pulled into its 10-dma on about average volume.
NVDA attempted to break out but failed, turning back to the downside. Near-term support  lies at the confluence of the 10-dma and 20-dema.
SQ is pulling in towards its 10-dma on below-average volume. The 10-dma is the first reference for support following its prior base breakout.
TEAM is pulling in towards its 10-dma on below-average volume. As is the case with most Focus List stocks that pulled back yesterday, the 10-dma serves as the first reference for near-term support on the pullback.
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